Madison Realty Capital (MRC), a commercial real estate investment fund, announced this week that it had acquired a 15-note portfolio from a regional savings bank with an aggregate principal balance of approximately $28.7 million. The loan portfolio, consisting of 15 notes throughout New York City, is secured by 11 properties in Manhattan and 14 in Brooklyn, comprised of 245 residential units and 12 commercial spaces, and originated between 2006 and 2009.
"This transaction supports MRC's strategy of acquiring non-performing and sub-performing loan portfolios and then applying our vertically integrated platform, which includes servicing, property management and asset management, to maximize the underlying value of the assets," said Joshua Zegen, Co-Founder and Managing Principal of MRC.
"The credit crunch has raised the bar for everyone," Zegen told GlobeSt.com in 2008. "We are seeing more opportunity. That is the nice thing about the bridge market—you can underwrite according to what is happening in the market on that day." He added, "We are seeing more transaction volume than ever before, because we are one of the few players active in the marketplace right now."
For more news and information visit Blumberg Capital Partners.
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